Selbyville, Delaware, Feb. 22, 2022 (GLOBE NEWSWIRE) --
Global health economics & outcomes research services market value is projected to surpass USD 2 billion by 2028, according to a new research report by Global Market Insights Inc. Increasing focus of HEOR service providers on providing optimal health outcomes for patients at an affordable cost will fuel the overall industry outlook.
In recent times, pharmaceutical and biotech companies are increasingly outsourcing research and development activities as a strategy to gain an edge in competitive market. Outsourced R&D activities range from basic research through late-stage development, and include genetic engineering, target validation, assay creation, hit discovery and lead optimization (hit candidates-as-a-service), safety and efficacy assessments in animal models, and human clinical trials. Furthermore, pharmaceutical companies strive to improve and accelerate every stage of early drug development in order to increase the success rate of drug discovery programmes and reduce R&D costs.
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Clinical outcome segment crossed USD 304 million in 2021. The demand for clinical outcome has increased as it allows patients to assess their own health and quality of life. It also helps in examining the treatment's efficacy, morbidity, mortality, and function. Such aforementioned factors will propel the segmental demand in the projected timeline.
Some major findings of the health economics & outcomes research (HEOR) services market report include:
- Rise in the number of clinical trials worldwide will propel the market progression.
- Increasing focus of biotech and pharma companies for new drug development is one of the factors driving the industry expansion.
- Rising demand for secured services including clinical and preclinical testing as well as expertise in regulatory affairs is one of the significant factors boosting the business landscape.
- However, the lack of skilled healthcare professionals coupled with restrictions on access to real-world data (RWD) will hinder market expansion.
- The COVID-19 pandemic has moderately impacted the market. As, amid pandemic HEOR professionals were significantly involved in investigating issues such as disease incidence and health consequences, disease economic impacts, and treatment options such as vaccines and therapies.
Browse key industry insights spread across 136 pages with 159 market data tables & 15 figures & charts from the report, “Health Economics & Outcomes Research Services Market Analysis By Service (Real-world Data Analysis & Information System, Economic Modelling/Evaluation, Market Access Solutions & Reimbursement, Clinical Outcome), Service Provider (Contract Research Organizations, Consultancy), End-user (Healthcare Providers, Biotech/Pharma Companies, Healthcare Payers, Government Organizations), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022– 2028” in detail along with the table of contents:
The HEOR services market from contract research organizations segment is expected to register a CAGR of 12.5% during the forecast period. Contract research organizations in the healthcare industry generally provide research services to medical device, pharmaceutical and biotechnology companies on a contract basis. Additionally, rise in demand for more secured services along with expertise in regulatory affairs further increases the need for CROs in HEOR services.
Health economics & outcomes research services market from healthcare providers segment accounted for over USD 79.5 million in 2021, owing to the rising impact of HEOR services in healthcare decision-making. The healthcare service providers consist of medical professionals, organizations, and ancillary health care workers that provide proper patient care. These providers largely rely on HEOR services to interpret and evaluate the patient’s data for better service outcomes in cost-effective ways.
Asia Pacific HEOR services market accounted for over 16% revenue share in 2021. The rapidly growing medical industry, high drug spending, and increasing awareness about HEOR services in the region will drive the market progression. Additionally, surging prevalence of chronic diseases, increasing technological advancements in the medical industry, and growing healthcare expenditure will further promote regional market outlook.
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Some of the prominent market players operating in the health economics & outcomes research services market include Axtria, Avalon Health Economics, Cardinal Health, McKesson, IQVIA, MEDLIOR, Pharmaceutical Product Development (PPD), Syneos Health, Optum, PharmaLex, RTI Health Solutions, and Icon plc among others. These market players are focusing on new product launches and strategic partnerships to gain a higher market share.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
